Virginia Electric offers senior notes due 2032, add-on to 2051 notes

By William Gullotti

Buffalo, N.Y., Jan. 5 – Virginia Electric & Power Co. is planning to price series A senior notes due 2032 and series B senior notes due 2051, according to a 424B5 filing with the Securities and Exchange Commission.

The series B notes are an add-on to the company’s Nov. 22 issuance for an aggregate total of $500 million (Cusip: 927804GF5), will bear a fixed 2.95% coupon and mature Nov. 15, 2051.

As previously reported regarding the series B notes, they feature a make-whole call before May 15, 2051 and a par call thereafter.

The series A notes will feature similar call options.

Morgan Stanley & Co. LLC, PNC Capital Markets LLC, RBC Capital Markets LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC and Truist Securities Inc. are the joint bookrunning managers for the intended offering.

Co-managers are Academy Securities Inc., KeyBanc Capital Markets Inc., Loop Capital Markets LLC and Regions Securities LLC.

The company plans to use the proceeds for general corporate purposes, including the repayment of short-term debt. Short-term debt as of Dec. 29 included $786 million in outstanding commercial paper with a weighted average yield of 0.2533% and a weighted average days to maturity of approximately 16 days, the company said.

The electric utility is based in Richmond, Va.

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